Has Bitcoin Bottomed?

The short answer: Possibly. Galaxy Research argued on October 26, 2026 that Bitcoin's bear market ended at the June 30 low near $58,500, and the price has held well above it since. But Bitcoin has struggled to hold $80,000, dipping under it on October 26 and again on October 27 before recovering to about $80,500 that afternoon, and Galaxy's own line in the sand, a weekly close below the 50-week average near $76,540, is only about 5% away.

Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), with macro investor Jordi Visser (June 27, July 4 and July 11, 2026). Prices as of the afternoon of October 27, 2026.

Bitcoin slipped back under $80,000 on October 26, the same day Galaxy Digital published a report arguing the bear market ended in June. So which is it? This piece lays out what the data says, what would prove the bottom call wrong and what Jordi Visser told Pomp at the lows this summer. Prices are as of the afternoon of October 27, 2026.

Bitcoin was trading near $80,500 on the afternoon of October 27, according to CoinGecko. It dipped to about $79,700 that morning as the Fed's two-day meeting began, CoinDesk reported. That's roughly 35% below the October 2025 record close of $124,824 and well above the June 30 low near $58,500.

Three things are weighing on prices. Investors pulled about $773 million from U.S. spot Bitcoin ETFs on October 22 and 23, according to Farside Investors, which pushed October flows into the red, Cointelegraph reported. The funds took in about $110 million on October 26, all of it through BlackRock's IBIT, ending two days of outflows. Hotter inflation has revived bets on another Fed rate hike, and the Fed announces its decision on October 28. And Arthur Hayes said last weekend that his fund, Maelstrom, had sold its entire directional book, citing macro and geopolitical risk.

Galaxy Research thinks so. In a report published October 26, head of firmwide research Alex Thorn wrote, "We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance." His conclusion: "we believe now is an attractive time to buy and hold bitcoin." Galaxy and Thorn disclose that they hold Bitcoin.

It's a reversal. In June, Galaxy published a report arguing the bottom was not yet in and laid out a base case of $40,000 to $46,000. Bitcoin never got that low. It bottomed near $58,500 at the end of June and has risen about 38% since.

No one can know a bottom is in until well after the fact. What investors can do is check the signals that have marked past bottoms and watch the levels that would prove the call wrong.

Galaxy's case rests on a handful of signals that are worth understanding on their own:

Galaxy named its own tripwire: a weekly close below the 50-week average, about $76,540, that isn't regained within a month. With Bitcoin near $80,500, that line is only about 5% away. Galaxy would also change its view if ETF holdings fell below their July low of 1.22 million BTC.

The flow picture is mixed. ETFs saw more than $1 billion of inflows over three days before last week's outflows, and money came back on October 26. The bond market is also a headwind. The 10-year Treasury yield is near 5%, and a near risk-free 5% return makes a volatile asset harder to sell to investors.

Jordi Visser was making the bottom case on The Pomp Podcast while it was happening. On June 27, days before the low, he described how sentiment had turned. In AI stocks, he said, everyone was calling for a crash.

A week later, on July 4, Pomp asked whether people giving up on Bitcoin was a sign of a bottom. "I think give up is an understatement," Visser said. "It's very hard to find people jumping into it."

On July 11, less than two weeks after the low, he went further. As a trader, he said, the price had made a new low below $60,000 while momentum readings did not, a classic sign that selling is running out of steam. "My belief is that over the course of the next year, we are near the bottom end of the range of Bitcoin," he said. He was clear it could still dip: "Could we go to 50? Yeah. Could we go to 45? Yeah. Do I think we'll be over 100 a year from now? Yeah."

He also explained why Bitcoin had lagged. In his view, hedge funds used Bitcoin to fund bets on AI, selling it alongside software stocks. "I think Bitcoin has been a funding side of the AI trade," he said. His point was that price moves first and the story catches up.

So far, the low he described has held. His bigger call, Bitcoin above $100,000 by mid-2027, has not been tested yet. For more on his approach, see Who Is Jordi Visser?

The evidence leans that way, but it isn't settled. Bitcoin is about 38% above its June low and back above a long-term trend line. Galaxy and Visser both argue the bear market ended this summer. Against that, ETF money has been leaving, rates are rising and Bitcoin is sitting just above the level Galaxy says would break its thesis.

Don't try to time the exact bottom. The people who called this one well, including Visser, said in advance that the price could still dip. They focused on whether the worst sellers were gone and whether the long-term case was intact. If you own Bitcoin or are thinking about it, size your position so a drop to the mid-$70,000s doesn't force you to sell. Then watch the 50-week average around $76,500 and the ETF flow data each week.

Galaxy Research argued on October 26, 2026 that Bitcoin's bear market ended at the June 30 low near $58,500. The price has held above that low, but no bottom is confirmed until well after the fact.

Bitcoin was trading near $80,500 on the afternoon of October 27, 2026, according to CoinGecko, after dipping to about $79,700 that morning.

Investors pulled about $773 million from U.S. spot Bitcoin ETFs on October 22 and 23, hotter inflation revived bets on another Fed rate hike, and some traders cut risk ahead of the Fed's October 28 decision.

Galaxy says a weekly close below the 50-week moving average, about $76,540, that isn't regained within a month would suggest its call was wrong.

Bitcoin's record close was $124,824 on October 6, 2025. At about $80,500, it would need to rise roughly 55% to get back there.

The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.

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This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.